ISOTOPES FROM A COMMON MINERAL
Perma-Fix Medical has a process for making technetium – 99m (Tc-99m) medical isotopes from molybdenum, a commonly available mineral. This eliminates the need for enriched uranium and the highly specialized facilities currently required to produce medical isotopes. Costs are substantially reduced.
There is a worldwide shortage of Tc-99m isotopes. Tc-99m is used in over 85% of all nuclear diagnostic procedures. There are over 25 million nuclear diagnostic procedures in the United States annually. Medical isotopes were a 1.2 billion USD market in Europe in 2012, expected to grow to 1.7 billion USD by 2017.
HOW QUARK HELPED
Quark formed Perma-Fix Medical to license the global rights to the isotope generating process from Perma-Fix Environmental Services, a NASDAQ company.
Quark raised 2.75 million USD in equity capital from one of Poland’s largest mutual funds and took the company public on the Warsaw Stock Exchange through a reverse merger.
$2.7 MILLION EU GRANT
Quark helped Perma-Fix Medical form a consortium with Poland’s National Centre for Nuclear Research – Radioisotope Centre POLATOM in Otwock; the Institute for Biopolymers and Chemical Fibers – Department of Biopolymers in Lodz; Warsaw Medical University – Department of Nuclear Administration; and the Institute of Industrial Organic Chemistry Branch in Pszczyna. The consortium is collaborating to further develop and commercialize a novel prototype generator for the production of Technetium-99m (Tc-99m) for use in cancer and cardiac imaging.
The Perma-Fix Medical consortium was awarded a 10 million PLN (2.7 million USD) European Union grant. The project was ranked third on the list of 97 STRATEGMED Program grant submissions.